Short Sale CASE STUDY: 003

Ready! Set! Go!

The listing went active and we received an offer on the same day!  I guess we are off to the races.  I wold have liked to have had more time to get the process moving through Wells Fargo so that our buyer doesn’t get impatient.  The buyer, however is an investor using an LLC so I think he will be willing to wait.

Analyzing The Offer AND Buyer

Having an investor as the buyer is great for a few reasons: [Read more…]

Short Sale CASE STUDY: 002

The Details

Every time I start a new short sale there are a few basic questions I want to know up front.  These questions help me determine the work flow, timeline, and identify any lender specific or program specific forms I will need to use to get the short sale moving. Here are some of the basic things we need to know about this particular short sale and how they will impact the process.

What is the Hardship?

A hardship is crucial in a short sale.  When asking the lender to take a loss on a loan it is important that there be a reason that the homeowner is selling.  Most people don’t consider the fact that if they would just stay put for 30 years the loan would be paid off.  There needs to be something forcing the sale.  A hardship.  In this case, [Read more…]

Short Sale Podcast: 001 – Top Question

In this inaugural episode, Dave McGuire of Northwest Debt Management discusses the #1 question he gets asked and the question that should be getting asked but isn’t.

Big Changes Coming to HAFA

It was announced on March 9, 2012 that the Home Affordable Foreclosure Alternative (HAFA) program was extended until the end of 2013.  Along with this extension come several huge changes that will benefit homeowners and allow for more participation in this program.


  • Occupancy Guidelines Waived
  • $3000 to seller even if tenant occupied
  • Up to $8500 to subordinate lien
  • Qualify even if current on payment
  • Credit reported as Paid in Full
Please note that I have not officially verified this information. has not been updated to include this information.  I received this news from Alex Charfen of CDPE.

Let’s elaborate on these changes.

The first 2 changes mean that…

Do Your Short Sale Approvals Say The ‘Magic Words’?

My greatest duty as a Short Sale Negotiator is to be an Advocate for the seller.

The sellers that I deal with have often been run through the ringer by life in general, and their lender. They are often left without the strength to defend themselves against things they don’t understand.

“Deficiency Judgement? Forgivness of debt is taxable?”

Many of them have a hard time understanding the process, much less the consequences of a short sale if not done properly.  They have the misconception that selling their home on a short sale will be the last time they will have to deal with this situation.

I have a tremendous passion for defending those who can’t defend themselves.  This is why I push for HAFA, BofA’s Co-op, or the Chase Short Sale Outreach Program whenever possible.

All of these programs have a… [Read more…]